I doubt it.
If they make a more streamlined device, they’d probably go to a ring form.
You could get heart and motion tracking easily enough, which would feed into sleep tracking and a contralateral comparison point for activity tracking easily enough. You could probably get SpO₂ tracking as well and presence awareness for HomeKit maybe. Let it authenticate with the iPhone and/or Watch the same way they can authenticate each other and you could have NFC for HomeKey and CarKey and maybe payments and express transit with the default card form Wallet.
Also frankly, that would allow them an angle to sell you both a Watch and Ring, if they don’t overlap the functionality too much, while still leaving it attractive for the traditional watch diehards.